AIFMD: Offshore Funds and Depositary Requirements

May 01, 2014

This article, authored by Dechert associate Craig Borthwick, appeared in Issue 338 of HFMWeek, May 2014.

Full scope depositary requirements do not apply to EEA AIFMs managing non-EEA 'offshore' funds. Instead, if the offshore fund is being marketed in the EEA under the private placement regime, AIFMD article 36 requires that a 'depositary-lite' regime will apply (at a minimum).